MPI bullish harmonic pattern update

Metro Pacific Investments Corporation

MPI continues to trade within the PRZ (Potential Reversal Zone) of a Bullish Bat harmonic pattern. A test of 5.92 level or the full range of the PRZ area followed by a reversal pattern would be a good entry signal.

*The PRZ area is also significant as it falls near the 10-month uptrend line of MPI.

For detailed analysis and potential trading plan, please see previous post:
https://psetrends.blogspot.com/2017/03/mpi-on-another-bullish-harmonic-pattern.html

MPI Consensus
Rating: Buy
Target Price Forecast:
   - TP High = 8.50
   - TP Med = 7.90
   - TP Low = 6.55
   - Avg TP = 7.79

Updated Chart


Comments

Post a Comment

Popular posts from this blog

JFC price action analysis

Image
Jollibee Foods Corporation JFC is potentially forming a Bearish Butterfly harmonic pattern with PRZ (Potential Reversal Zone) around 229.80 (228.80~231.50 range).  In the short term, it will need to break the immediate resistance around 220 to give it higher probability of completing the harmonic pattern. The price action yesterday fails to break at close the immediate resistance at 220 and potentially formed up a Shooting Star candlestick pattern (considered a trend reversal pattern on confirmation). Trading Plan - Avoid for now if you are not in a trade yet. - The PRZ area is a potential profit taking zone.
Read more

SMC price action analysis

Image
San Miguel Corporation SMC is recently trading near its immediate support area including the 19-month uptrend line. Trading Plan - Potential buy near support with a stop-loss a few points below immediate support area (keep at least 1:2 risk/reward ratio, the higher the better).
Read more